Ichimoku analysis (1-Hour chart)
Tenken-Sen- 1.21127
Kijun-Sen- 1.21269
EURUSD has lost more than 50 pips on upbeat US CPI data. The consumer price index rose to 4.2% for Apr over the past year from 2.6% in the prior month. The US 10-year yield surged more than 4% after USCPI hits the highest level in 13 years. DXY is trading slightly above 100-H MA at 90.40. A jump till 90.80 likely.
Technical:
On the higher side, near-term resistance is around 1.2150, and any breach above will take the pair to next level.
1.2180/1.2260/1.2300. The pair's near-term support is around 1.2070, violation below that level targets 1.2045 (100- day MA)/1.1980.
Indicator (Hourly chart)
CAM indicator –Bearish
Directional movement index –Bearish
It is good to sell on rallies around 1.2100 with SL around 1.2150 for the TP of 1.1980.
